Details about Juan Pablo Nicolini

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Workplace:	Research Department, Federal Reserve Bank of Minneapolis, (more information at EDIRC) Departamento de Economía (Department of Economics), Universidad Torcuato Di Tella (Torcuato di Tella University), (more information at EDIRC)

Access statistics for papers by Juan Pablo Nicolini.

Last updated 2023-03-10. Update your information in the RePEc Author Service.

Short-id: pni159

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Working Papers

2024

1. Default and Interest Rate Shocks: Renegotiation Matters
   Working Papers, Federal Reserve Bank of Minneapolis
2. Self-Fulfilling Debt Crises with Long Stagnations
   Staff Report, Federal Reserve Bank of Minneapolis View citations (2)
   Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2023)
   Working Papers, Federal Reserve Bank of Minneapolis (2019) View citations (4)
3. The Incredible Taylor Principle
   Staff Report, Federal Reserve Bank of Minneapolis
   Also in Working Papers, Federal Reserve Bank of Minneapolis (2022)

2023

4. The Recent Rise in US Inflation: Policy Lessons from the Quantity Theory
   Staff Report, Federal Reserve Bank of Minneapolis
   See also Journal Article The Recent Rise in US Inflation: Policy Lessons from the Quantity Theory, Quarterly Review, Federal Reserve Bank of Minneapolis (2024) (2024)

2022

5. Appendix for: Optimal Cooperative Taxation in the Global Economy
   Staff Report, Federal Reserve Bank of Minneapolis

2021

6. Online Appendix for: Real Exchange Rates and Primary Commodity Prices: Mussa Meets Backus-Smith
   Working Papers, Federal Reserve Bank of Minneapolis
7. Online Appendix for: The Welfare Costs of Inflation
   Working Papers, Federal Reserve Bank of Minneapolis View citations (1)
8. Online Appendix for: Two Illustrations of the Quantity Theory of Money Reloaded
   Staff Report, Federal Reserve Bank of Minneapolis
9. Priors and the Slope of the Phillips Curve
   Working Papers, Federal Reserve Bank of Minneapolis
10. Real Exchange Rates and Primary Commodity Prices: Mussa Meets Backus-Smith
    IDB Publications (Working Papers), Inter-American Development Bank
    Also in Working Papers, Federal Reserve Bank of Minneapolis (2021)
    Working Papers, Red Nacional de Investigadores en Economía (RedNIE) (2021)
11. The Welfare Costs of Inflation
    Diskussionsschriften, Universitaet Bern, Departement Volkswirtschaft View citations (1)
    Also in Diskussionsschriften, Universitaet Bern, Departement Volkswirtschaft (2019)
    Working Papers, Federal Reserve Bank of Minneapolis (2021) View citations (1)
12. Two Illustrations of the Quantity Theory of Money Reloaded
    Staff Report, Federal Reserve Bank of Minneapolis
    Also in Working Papers, Federal Reserve Bank of Minneapolis (2020) View citations (1)

2020

13. A Framework for Studying the Monetary and Fiscal History of Latin America, 1960–2017
    Staff Report, Federal Reserve Bank of Minneapolis View citations (1)
14. International Evidence on Long-Run Money Demand
    Diskussionsschriften, Universitaet Bern, Departement Volkswirtschaft View citations (8)
    Also in Staff Report, Federal Reserve Bank of Minneapolis (2019) View citations (2)
    Working Papers, eSocialSciences (2016) View citations (19)
    Working Papers, Federal Reserve Bank of Minneapolis (2017) View citations (6)
    2017 Meeting Papers, Society for Economic Dynamics (2017) View citations (12)
    NBER Working Papers, National Bureau of Economic Research, Inc (2016) View citations (19)
    See also Journal Article International evidence on long-run money demand, Journal of Monetary Economics, Elsevier (2021) View citations (10) (2021)
15. Is There a Stable Relationship between Unemployment and Future Inflation?
    Staff Report, Federal Reserve Bank of Minneapolis View citations (8)
16. Lessons from the Monetary and Fiscal History of Latin America
    Staff Report, Federal Reserve Bank of Minneapolis

2019

17. A Quantitative Analysis of Real Exchange Rates and Primary Commodity Prices
    2019 Meeting Papers, Society for Economic Dynamics View citations (3)
18. Accounting for the Slow Recovery from the Great Recession: The Role of Credit Constraints
    2019 Meeting Papers, Society for Economic Dynamics
19. Karl Brunner's Contributions to the Theory of the Money Supply
    Staff Report, Federal Reserve Bank of Minneapolis
20. On the Risk of Leaving the Euro
    Working Papers, Federal Reserve Bank of Minneapolis
21. Online Appendix for: International Evidence on Long-Run Money Demand
    Staff Report, Federal Reserve Bank of Minneapolis View citations (2)
    Also in Working Papers, Federal Reserve Bank of Minneapolis (2017) View citations (5)
22. Optimal Cooperative Taxation in the Global Economy
    Staff Report, Federal Reserve Bank of Minneapolis View citations (2)
23. Real Exchange Rates and Primary Commodity Prices
    IDB Publications (Working Papers), Inter-American Development Bank View citations (2)
    Also in Working Papers, Federal Reserve Bank of Minneapolis (2017) View citations (6)
    Staff Report, Federal Reserve Bank of Minneapolis (2019) View citations (3)
    2015 Meeting Papers, Society for Economic Dynamics (2015)
    See also Journal Article Real exchange rates and primary commodity prices, Journal of International Economics, Elsevier (2020) View citations (13) (2020)
24. The Monetary and Fiscal History of Argentina, 1960-2017
    Staff Report, Federal Reserve Bank of Minneapolis View citations (3)

2018

25. Did the 1980s in Latin America Need to Be a Lost Decade?
    2018 Meeting Papers, Society for Economic Dynamics
26. Optimal Capital Taxation Revisited
    Staff Report, Federal Reserve Bank of Minneapolis View citations (1)
    Also in Working Papers, Federal Reserve Bank of Minneapolis (2018) View citations (1)
    See also Journal Article Optimal capital taxation revisited, Journal of Monetary Economics, Elsevier (2020) View citations (13) (2020)
27. Ramsey Taxation in the Global Economy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
    Also in Working Papers, Federal Reserve Bank of Minneapolis (2017)
28. Ramsey Taxation in the Open Economy
    2018 Meeting Papers, Society for Economic Dynamics
29. Sovereign Default: The Role of Expectations
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (60)
    Also in 2015 Meeting Papers, Society for Economic Dynamics (2015) View citations (27)
    Working Papers, Federal Reserve Bank of Minneapolis (2015) View citations (30)
    See also Journal Article Sovereign default: The role of expectations, Journal of Economic Theory, Elsevier (2018) View citations (29) (2018)

2017

30. Liquidity Traps and Monetary Policy: Managing a Credit Crunch
    Staff Report, Federal Reserve Bank of Minneapolis View citations (7)
    Also in 2016 Meeting Papers, Society for Economic Dynamics (2016) View citations (6)
    Working Paper Series, Federal Reserve Bank of Chicago (2014) View citations (8)
    Working Papers, Federal Reserve Bank of Minneapolis (2014) View citations (5)
    See also Journal Article Liquidity Traps and Monetary Policy: Managing a Credit Crunch, American Economic Journal: Macroeconomics, American Economic Association (2020) View citations (3) (2020)
31. Liquidity Traps and Monetary Policy: Managing a Credit Crunch: Online Appendix
    Staff Report, Federal Reserve Bank of Minneapolis View citations (7)
32. Monitoring Money for Price Stability
    Department of Economics Working Papers, Universidad Torcuato Di Tella View citations (1)
    Also in Working Papers, Federal Reserve Bank of Minneapolis (2017)
    See also Journal Article Monitoring money for price stability, Journal of Economic Dynamics and Control, Elsevier (2018) (2018)

2016

33. More on the Optimal Taxation of Capital
    2016 Meeting Papers, Society for Economic Dynamics View citations (16)
34. Self-fulfilling Prophecies in Sovereign Debt Markets
    Economic Policy Paper, Federal Reserve Bank of Minneapolis View citations (1)

2015

35. Macroeconomic Policy during a Credit Crunch
    Economic Policy Paper, Federal Reserve Bank of Minneapolis
36. Monetary Policy and Dutch Disease: The Case of Price and Wage Rigidity
    Department of Economics Working Papers, Universidad Torcuato Di Tella View citations (9)
    Also in Working Papers, Federal Reserve Bank of Minneapolis (2015) View citations (6)
    See also Chapter Monetary Policy and Dutch Disease: The Case of Price and Wage Rigidity, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2015) View citations (9) (2015)
37. Money and Prices in Models of Bounded Rationality in High Inflation Economies
    Working Papers, Barcelona School of Economics
    Also in Working Paper Series, European Central Bank (2005) View citations (6)
    Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2005) View citations (9)
    Working Papers, Barcelona School of Economics (2005) View citations (8)
    See also Journal Article Money and Prices in Models of Bounded Rationality in High Inflation Economies, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2005) View citations (9) (2005)
38. On the Stability of Money Demand
    Working Papers, Federal Reserve Bank of Minneapolis View citations (96)
    Also in 2013 Meeting Papers, Society for Economic Dynamics (2013) View citations (8)
    See also Journal Article On the stability of money demand, Journal of Monetary Economics, Elsevier (2015) View citations (119) (2015)
39. Stock Market Volatility and Learning
    Working Papers, Barcelona School of Economics View citations (9)
    Also in CEP Discussion Papers, Centre for Economic Performance, LSE (2011) View citations (2)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) View citations (16)
    UFAE and IAE Working Papers, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) (2008) View citations (35)
    Working Paper Series, European Central Bank (2008) View citations (34)
    Working Papers, Federal Reserve Bank of Minneapolis (2015) View citations (13)
    Working Papers, University of Mannheim, Department of Economics (2012) View citations (15)
    See also Journal Article Stock Market Volatility and Learning, Journal of Finance, American Finance Association (2016) View citations (103) (2016)

2014

40. Is There a Stable Relationship between Unemployment and Future Inflation? Evidence from U.S. Cities
    Working Papers, Federal Reserve Bank of Minneapolis View citations (12)

2013

41. Is there a stable Phillips Curve after all?
    Economic Policy Paper, Federal Reserve Bank of Minneapolis View citations (6)
42. Optimal Monetary and Fiscal Policy in a New Keynesian Model with a Dutch Disease: The Case of Complete Markets
    Department of Economics Working Papers, Universidad Torcuato Di Tella View citations (11)
43. Optimal devaluations
    Working Papers, Federal Reserve Bank of Minneapolis View citations (9)
    Also in Policy Research Working Paper Series, The World Bank (2009) View citations (3)
    Econometric Society 2004 Latin American Meetings, Econometric Society (2004) View citations (3)
    See also Journal Article Optimal Devaluations, IMF Economic Review, Palgrave Macmillan (2013) View citations (10) (2013)

2012

44. Money is an experience good: competition and trust in the private provision of money
    Staff Report, Federal Reserve Bank of Minneapolis View citations (19)
    Also in Economics Working Papers, European University Institute (2011)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009)
    Working Papers, Banco de Portugal, Economics and Research Department (2011)
    Working Papers, Barcelona School of Economics View citations (17)
    Working Papers, Banco de Portugal, Economics and Research Department (2009)
    See also Journal Article Money is an experience good: Competition and trust in the private provision of money, Journal of Monetary Economics, Elsevier (2012) View citations (19) (2012)
45. Unconventional fiscal policy at the zero bound
    Working Papers, Federal Reserve Bank of Minneapolis View citations (3)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (15)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (15)
    Working Papers, Banco de Portugal, Economics and Research Department (2011) View citations (17)
    Working Paper, Harvard University OpenScholar
    See also Journal Article Unconventional Fiscal Policy at the Zero Bound, American Economic Review, American Economic Association (2013) View citations (168) (2013)

2008

46. Optimal fiscal and monetary policy: equivalence results
    Staff Report, Federal Reserve Bank of Minneapolis View citations (75)
    Also in Working Paper Series, Federal Reserve Bank of Chicago (2002) View citations (38)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) View citations (15)
    Working Papers, Banco de Portugal, Economics and Research Department (2003) View citations (20)
    See also Journal Article Optimal Fiscal and Monetary Policy: Equivalence Results, Journal of Political Economy, University of Chicago Press (2008) View citations (88) (2008)

2006

47. Learning and Stock Market Volatility
    Computing in Economics and Finance 2006, Society for Computational Economics View citations (15)

2003

48. Inside-Outside Money Competition
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (22)
    Also in Working Paper Series, Federal Reserve Bank of Chicago (2003) View citations (17)
    Department of Economics Working Papers, Universidad Torcuato Di Tella (2001)
    See also Journal Article Inside-outside money competition, Journal of Monetary Economics, Elsevier (2003) View citations (20) (2003)
49. Money and prices in models of bounded rationality
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta
50. Using Balance Sheet to identify sovereign default and devaluation risk
    Department of Economics Working Papers, Universidad Torcuato Di Tella View citations (3)

2002

51. Decentralization, Fiscal Discipline in Sub-National Governments and the Bailout Problem: The Case of Argentina
    Research Department Publications, Inter-American Development Bank, Research Department View citations (42)
52. Optimal Maturity of Governement Debt without state contingent bonds
    Department of Economics Working Papers, Universidad Torcuato Di Tella View citations (1)
    See also Journal Article Optimal maturity of government debt without state contingent bonds, Journal of Monetary Economics, Elsevier (2004) View citations (128) (2004)

2001

53. Recurrent hyperinflations and learning
    Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra View citations (1)
    Also in Working Papers, CEMFI (1997) View citations (5)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (1998) View citations (18)
    See also Journal Article Recurrent Hyperinflations and Learning, American Economic Review, American Economic Association (2003) View citations (164) (2003)

2000

54. Competition and Reputation
    Department of Economics Working Papers, Universidad Torcuato Di Tella View citations (3)
    Also in Economics Working Papers, European University Institute (1999) View citations (1)
55. Optimal Maturity of Government Debt with Incomplete Markets
    Econometric Society World Congress 2000 Contributed Papers, Econometric Society View citations (7)

1997

56. Electronic money: the end of inflation?
    Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis View citations (4)

1996

57. Optimal Unemployment Insurance
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER) View citations (3)
    See also Journal Article Optimal Unemployment Insurance, Journal of Political Economy, University of Chicago Press (1997) View citations (509) (1997)

1993

58. More on the time inconsistency of optimal monetary policy
    Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra View citations (11)

1992

59. Ruling out speculative hyperinflations: A game theoretic approach
    Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra View citations (1)

Journal Articles

2024

1. Argentina at a Crossroads
   Quarterly Review, 2024, 44, (3)
2. The Recent Rise in US Inflation: Policy Lessons from the Quantity Theory
   Quarterly Review, 2024, 44, (2)
   See also Working Paper The Recent Rise in US Inflation: Policy Lessons from the Quantity Theory, Staff Report (2023) (2023)

2021

3. International evidence on long-run money demand
   Journal of Monetary Economics, 2021, 117, (C), 43-63 View citations (10)
   See also Working Paper International Evidence on Long-Run Money Demand, Diskussionsschriften (2020) View citations (8) (2020)

2020

4. Liquidity Traps and Monetary Policy: Managing a Credit Crunch
   American Economic Journal: Macroeconomics, 2020, 12, (3), 110-38 View citations (3)
   See also Working Paper Liquidity Traps and Monetary Policy: Managing a Credit Crunch, Staff Report (2017) View citations (7) (2017)
5. Optimal capital taxation revisited
   Journal of Monetary Economics, 2020, 116, (C), 147-165 View citations (13)
   See also Working Paper Optimal Capital Taxation Revisited, Staff Report (2018) View citations (1) (2018)
6. Real exchange rates and primary commodity prices
   Journal of International Economics, 2020, 122, (C) View citations (13)
   See also Working Paper Real Exchange Rates and Primary Commodity Prices, IDB Publications (Working Papers) (2019) View citations (2) (2019)

2018

7. Monitoring money for price stability
   Journal of Economic Dynamics and Control, 2018, 89, (C), 50-63
   See also Working Paper Monitoring Money for Price Stability, Department of Economics Working Papers (2017) View citations (1) (2017)
8. Sovereign default: The role of expectations
   Journal of Economic Theory, 2018, 175, (C), 803-812 View citations (29)
   See also Working Paper Sovereign Default: The Role of Expectations, CEPR Discussion Papers (2018) View citations (60) (2018)

2017

9. Money demand: A simple look at some data
   Aussenwirtschaft, 2017, 68, (01), 29-49

2016

10. Stock Market Volatility and Learning
    Journal of Finance, 2016, 71, (1), 33-82 View citations (103)
    See also Working Paper Stock Market Volatility and Learning, Working Papers (2015) View citations (9) (2015)

2015

11. On the stability of money demand
    Journal of Monetary Economics, 2015, 73, (C), 48-65 View citations (119)
    See also Working Paper On the Stability of Money Demand, Working Papers (2015) View citations (96) (2015)
12. Política Monetaria y la Enfermedad Holandesa: Rigidez de Precios y de Salarios
    Journal Economía Chilena (The Chilean Economy), 2015, 18, (2), 28-60

2013

13. Optimal Devaluations
    IMF Economic Review, 2013, 61, (1), 22-51 View citations (10)
    See also Working Paper Optimal devaluations, Working Papers (2013) View citations (9) (2013)
14. Unconventional Fiscal Policy at the Zero Bound
    American Economic Review, 2013, 103, (4), 1172-1211 View citations (168)
    See also Working Paper Unconventional fiscal policy at the zero bound, Working Papers (2012) View citations (3) (2012)

2012

15. Money is an experience good: Competition and trust in the private provision of money
    Journal of Monetary Economics, 2012, 59, (8), 815-825 View citations (19)
    See also Working Paper Money is an experience good: competition and trust in the private provision of money, Staff Report (2012) View citations (19) (2012)

2011

16. The Argentine Economy after Two Centuries
    Latin American Journal of Economics-formerly Cuadernos de Economía, 2011, 48, (2), 133-156 View citations (2)

2009

17. Optimal Unemployment Insurance and Employment History
    The Review of Economic Studies, 2009, 76, (3), 1049-1070 View citations (66)

2008

18. Optimal Fiscal and Monetary Policy: Equivalence Results
    Journal of Political Economy, 2008, 116, (1), 141-170 View citations (88)
    See also Working Paper Optimal fiscal and monetary policy: equivalence results, Staff Report (2008) View citations (75) (2008)

2005

19. Money and Prices in Models of Bounded Rationality in High Inflation Economies
    Review of Economic Dynamics, 2005, 8, (2), 452-479 View citations (9)
    See also Working Paper Money and Prices in Models of Bounded Rationality in High Inflation Economies, Working Papers (2015) (2015)

2004

20. Optimal maturity of government debt without state contingent bonds
    Journal of Monetary Economics, 2004, 51, (3), 531-554 View citations (128)
    See also Working Paper Optimal Maturity of Governement Debt without state contingent bonds, Department of Economics Working Papers (2002) View citations (1) (2002)

2003

21. Inside-outside money competition
    Journal of Monetary Economics, 2003, 50, (8), 1701-1718 View citations (20)
    See also Working Paper Inside-Outside Money Competition, CEPR Discussion Papers (2003) View citations (22) (2003)
22. Recurrent Hyperinflations and Learning
    American Economic Review, 2003, 93, (5), 1476-1498 View citations (164)
    See also Working Paper Recurrent hyperinflations and learning, Economics Working Papers (2001) View citations (1) (2001)

1998

23. More on the time consistency of monetary policy
    Journal of Monetary Economics, 1998, 41, (2), 333-350 View citations (45)
24. Tax evasion and the optimal inflation tax
    Journal of Development Economics, 1998, 55, (1), 215-232 View citations (47)

1997

25. Optimal Unemployment Insurance
    Journal of Political Economy, 1997, 105, (2), 412-38 View citations (509)
    See also Working Paper Optimal Unemployment Insurance, RCER Working Papers (1996) View citations (3) (1996)

1996

26. Ruling out speculative hyperinflations The role of the government
    Journal of Economic Dynamics and Control, 1996, 20, (5), 791-809 View citations (11)

Books

2001

1. Shielding the Poor: Social Protection in the Developing World
   IDB Publications (Books), Inter-American Development Bank View citations (3)

Chapters

2015

1. Monetary Policy and Dutch Disease: The Case of Price and Wage Rigidity
   Chapter 03 in Commodity Prices and Macroeconomic Policy, 2015, vol. 22, pp 051-089 View citations (9)
   See also Working Paper Monetary Policy and Dutch Disease: The Case of Price and Wage Rigidity, Universidad Torcuato Di Tella (2015) View citations (9) (2015)